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Students arrive randomly at the help desk of the computer lab. There is only one service agent, and the time required for inquiry varies from student to student. Arrival rates have been found to follow the Poisson distribution, and the service times follow the negative exponential distribution. The average arrival rate is 12 students per hour, and the average service rate is 20 students per hour. How many students, on average, will be waiting in line at any one time?
Small Quantities
Small quantities refer to a less than usual or bulk amount of any material, product, or substance, often required in specific contexts like testing or sample production.
Robo-advisors
Automated platforms that provide financial advice or investment management online with minimal human intervention, using algorithms and software to optimize clients' assets.
Algorithms
Step-by-step procedures or formulas for solving a problem or performing a task.
Trading of Stocks
The act of buying, selling, or exchanging shares of companies listed on a stock exchange with the aim of generating a profit.
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